MUNICIPALITY OF ANCHORAGE 49th STATE ANGEL FUND OPEN FOR BUSINESS!

Mayor Sullivan announced the opening of the first application period of Anchorage’s 49th State Angel Fund (49SAF) effective Monday, May 14th through August 5th. The fund was created after the Municipality of Anchorage was awarded a federal allocation of $13.2 million from the State Small Business Credit Initiative (SSBCI). The 49SAF will provide investments to early-stage high-growth businesses showing significant economic potential either through direct investments in Anchorage based businesses or by taking a partnership interest in locally-focused angel or venture capital funds.

The 49SAF will invest anywhere between $30,000 and $3 million in a particular business venture based on a variety of factors that are outlined on the 49SAF website at http://www.49saf.com/. Initial review of applications will be conducted by the Anchorage Economic Development Corporation (AEDC) and 49SAF program staff. The plans are then sent to the 49SAF Advisory Committee, a group made up of members of the business, finance and economic development community, for investment recommendations. Potential investments then undergo due diligence and are forwarded on to the Mayor and Municipal CFO Lucinda Mahoney for final approval.

In order to fully inform the public on the specifics of the 49SAF program, as well as to give local investors more information on angel fund investing in general, the Municipality of Anchorage and the Anchorage Economic Development Corporation are hosting a 2012 Anchorage Angel Fund Forum May 17th from 8:30 A.M. to 1:00 P.M. at the Egan Center. Attendees will receive an overview of the specifics of the 49SAF program and will hear about national angel fund trends from keynote speakers John Sibert, former Executive Director of the Alaska Science and Technology Foundation and Former Managing Partner of the Global Financial Group as well as Steve Mercil, CEO of RAIN Source Capital and Chairman of the National Association of Seed and Venture Funds.